2024

Bitcoin

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As Bitcoin (BTC) finally set a new all-time high triggered by U.S. presidential elections result, more and more traders predict the rally to expand in Q4, 2024-Q1, 2025. Ki Young Ju, founder and CEO of leading on-chain analysis firm CryptoQuant, says the picture might be more about nuances.
<h2 id="bitcoin-btc-to-58-974-scary-prediction-by-cryptoquant-ceo">Bitcoin (BTC) to $58,974: Scary prediction by CryptoQuant CEO</h2>
Bitcoin (BTC), the largest cryptocurrency, might close 2024 at the $58,974 mark. CryptoQuant's CEO Ki Young Ju shared this prediction today on X, but hopes he is wrong. Yesterday, Bitcoin (BTC) posted an all-time high over $77,200 on major spot exchanges.
<blockquote class="twitter-tweet">
 Just one day left. For me, it’s $58,974. Hope I’m wrong. <a href="https://t.co/ALUa0nvlMT">https://t.co/ALUa0nvlMT</a>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1855145553186938956?ref_src=twsrc%5Etfw">November 9, 2024</a>
</blockquote> 
As such, CryptoQuant CEO's prediction spells an almost 24% drop for the orange coin. Given the fact that in some years, the yearly close is preceded by a "Santa Claus Rally," Bitcoiners should be prepared for even more pain.
Ki Young Ju is running a forecast prediction for paid users of his service. The closest bet will be rewarded with 0.1 BTC, which is equal to $7,662 at current prices.
His X audience is more enthusiastic about the prospects for Bitcoin (BTC) in late Q4, 2024. About half of the commentators came out with six-digit predictions.
Historically, predicting Bitcoin (BTC) performance in December is a challenging task. In the last 10 years, BTC registered five "red" months and five "green" months, as per CoinGlass.
<img src="https://u.today/sites/default/files/inline-images/53809_1.jpg" data-entity-uuid="4d998a8c-5349-4fcb-b441-bc3ca245ce1b" data-entity-type="file" alt="December might be bullish or bearish for BTC" data-caption="Image by <a href=&quot;https://www.coinglass.com/today&quot;>CoinGlass</a>">
It should be noted that December 2020 — the previous last month of the halving year — was the best month for the BTC price in almost five years with a 46.92% upsurge.
<h2 id="most-brutal-week-for-bitcoin-btc-bears-in-months">Most brutal week for Bitcoin (BTC) bears in months</h2>
Alongside August, December is the only month with positive average returns and negative median ones, as per 2013-2024 observations.
The last week injected significant optimism into the Bitcoin (BTC) community. The end of the U.S. presidential elections saga and the much-anticipated Fed rate cut pushed the largest cryptocurrency to a new all-time high.
This spike caught Bitcoin (BTC) bears off guard. In just three days — Wednesday, Thursday and Friday — they suffered a net liquidation of short positions equal to one-third of a billion dollars.
For all cryptocurrencies combined, this metric exceeded a whopping $750 million. <a href="https://u.today/bitcoin-btc-might-lose-24-by-end-of-2024-cryptoquant-ceo-says">Read original article on U.Today</a>

Bitcoin (BTC) Might Lose 24% by End of 2024, CryptoQuant CEO Says

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